(1) Every contract entered into by the company for any service, sale or supply and in force immediately before the appointed day shall, on and from the expiry of thirty days from the appointed day, cease to have effect as against the Central Government or the Government company unless such contract is, before the expiry of the said period of thirty days, ratified, in writing, by the Central Government or the Government company, as the case may be, and in ratifying such contract the Central Government or the Government company may make such alterations or modifications therein as the circumstances of the case may require:
Duty to furnish inventory of articles on the ships.
Payment of amount.
Amount due to the Shipping Development Fund Committee to be deducted in the first instance.
Effect oi Ordinance on other laws.
Contracts, etc., cease to have effect unless ratified by tho Central Government or Government company.
628 THE GAZETTE OF INDIA EXTRAORDINABY [PAHT I I -
Provided that the Central Government or the Government company shall not omit to ratify a contract unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests' of the Konkan coastal passenger shipping service-
(2) The Central Government or the Government company shall not omit to ratify a contract or make any alteration or modification therein except after giving to the p:i ties to the contract a reasonable opportunity of being heard, and except after recording, in writing, its reasons for refusal to ratify the contract or for the alteration or modification of the contract.
14. Any person who,—
(a) having in his possession, custody cr control any property forming part of the Konkan passenger ships, wrongfully withholds such property from the Central Government or the Government company, or
(b) wrongfully obtains possession of, or retains, any property forming part of the Konkan passenger ships, or
(c) wilfully withholds or fails tc> furnish to the Central Government or any person specified by that Government, any document, or copy of part thereof, relating to the Konkan passenger ships which may be in his possession, custody or control or fails to deliver to the Central Government or the Government company any assets, books of account, registers or other documents in his custody relating to the Konkan passenger ships or copy of the relevant part of such documents, or
(d) wilfully fails to furnish an inventory as required by section 9, or furnishes an inventory which he knows, or has reasonable cause to believe, to be false, or
(e) wrongfully removes or destroys any property forming part of the Konkan passenger ships or prefers any claim which he knows, or has reasonable cause to believe to be false or grossly inaccurate, shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to one Ihousand rupees, or with both.